In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more
3/23/2021
/ Banking Sector ,
Business E-Mail Compromise (BEC) ,
Consent Order ,
Covered Entities ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Data Security ,
Failure to Report ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Servicers ,
Non-Public Information ,
NYDFS ,
Personally Identifiable Information ,
Sensitive Personal Information
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
7/16/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
FFIEC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Form 13F ,
Investment Company Act of 1940 ,
Investment Management ,
Joint Statements ,
Libor ,
Mortgage Escrow Account ,
New Guidance ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Phishing Scams ,
Popular ,
Proposed Rules ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Risk Management ,
Rulemaking Process ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more
4/30/2020
/ Banking Sector ,
Best Practices ,
Board of Directors ,
Borrowers ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Contact Tracing ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Enforcement Actions ,
Eviction ,
Fair Access to Credit ,
Fair Lending ,
Fair Valuation ,
Federal Reserve ,
FHFA ,
FHLB ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Government Investigations ,
Investment Companies ,
Investment Company Act of 1940 ,
Lenders ,
Mortgage Servicers ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Small Business Loans
In This Issue. The Consumer Financial Protection Bureau (CFPB) released a policy statement outlining framework that the CFPB will immediately begin to apply in matters of supervision and enforcement regarding the “abusive”...more
1/31/2020
/ Abusive Acts ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Digital Currency ,
FDIC ,
FIRRMA ,
Foreign Investment ,
ISDA ,
Libor ,
MD&A Statements ,
OCC ,
OCIE ,
Securities and Exchange Commission (SEC) ,
UK
In This Issue. The Securities and Exchange Commission (SEC) issued a risk alert on investment adviser principal and agency cross trading compliance issues, published disclosure interpretations relating to the Inline XBRL...more
9/12/2019
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Cross Trading ,
Cybersecurity ,
Debt Collectors ,
ESOP ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
Filing Fees ,
Financial Services Industry ,
Flood Insurance ,
Investment Adviser ,
OCIE ,
Proxy Voting Guidelines ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
In This Issue. Federal banking regulators proposed the long-awaited “community bank leverage ratio,” which would exempt community banks with a leverage ratio of at least 9% from Basel III capital requirements; the Federal...more
11/29/2018
/ Antitrust Division ,
ATDS ,
Banking Sector ,
Banks ,
Basel III ,
Blockchain ,
CFIUS ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
FASB ,
FDIC ,
FFIEC ,
FHFA ,
NYSE ,
Real Estate Development ,
Regulation CC ,
Regulation J ,
Regulation M ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Smaller Reporting Companies
Editor's Note -
Regulators Continue Push for Financial Innovation. Speaking at the American Bankers Association Annual Convention in New York City, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams...more
In This Issue. The Office of the Comptroller of the Currency (OCC) released its annual supervision operating plan outlining its bank supervision priorities, issued an updated Truth in Lending Act booklet, and provided...more
10/4/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Cybersecurity ,
Financial Services Industry ,
FinCEN ,
Form 10-Q ,
Loans ,
OCC ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
Editor's Note -
Hollow Victory. At the close of its 2013 fiscal year end, the Total Return Fund, sponsored by Pacific Investment Management Company LLC (PIMCO), held over $230 billion in assets under management and, at...more
Editor's Note -
Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more
3/1/2018
/ Bankruptcy Code ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt-Relief Industry ,
Dodd-Frank ,
FASB ,
Financial Institutions ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Tax Reform ,
TCPA ,
Whistleblower Protection Policies
Editor's Note -
Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more
12/14/2017
/ Basel III ,
Cybersecurity ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Form N-PORT ,
Libor ,
NYSE ,
OCC ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
Stress Tests
Editor's Note -
Cybersecurity Returns to Center Stage. The Equifax breach and recent news that the Securities and Exchange Commission’s (SEC) EDGAR test filing system was hacked in 2016 have brought cybersecurity back to...more
9/28/2017
/ Auto Lease ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Deceptively Misdescriptive ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
False Advertising ,
Federal Reserve ,
No-Action Letters ,
NYSE ,
Pay Ratio ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Third-Party Service Provider
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Supreme Court Limits SEC’s Disgorgement Powers. On June 5, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that disgorgement in a Securities and Exchange...more
Editor's Note -
In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more
3/3/2017
/ Bitcoin ,
Consent Order ,
Cybersecurity ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Investment Adviser ,
Margin Requirements ,
NYDFS ,
OCC ,
OCIE ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA
Editor's Note -
In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more
1/12/2017
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Deceptive Intent ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
OCC
Editor's Note -
OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more
12/7/2016
/ Bylaws ,
Commodity Trading Advisors (CTAs) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
CPO ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
False Claims Act (FCA) ,
Federal Trade Commission (FTC) ,
Insider Trading ,
Institutional Shareholder Services (ISS) ,
Internet of Things ,
Investment Companies ,
Mortgages ,
NFA ,
NIST ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
US v Newman ,
US v Salman ,
Voting Rights
Editor's Note -
Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more
10/27/2016
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bank Secrecy Act ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Enforcement ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
Institutional Investors ,
Mergers ,
Mutual Funds ,
NAV ,
OCC ,
Project Catalyst ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more
10/6/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Department of Business Oversight ,
Dodd-Frank ,
Federal Reserve ,
Final Rules ,
Financial Contracts ,
Financial Services Industry ,
FinTech ,
IRS ,
Military Lending Act ,
Money Transfer ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
Private Funds ,
Public Disclosure ,
Recovery Plans ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)
Editor's Note -
In this edition. The NYDFS proposed a cybersecurity regulation governing New York-chartered banks and insurance companies, the OCC released its bank supervision priorities in its annual supervision...more
9/22/2016
/ Broker-Dealer ,
Brokerage Accounts ,
BSA/AML ,
Cybersecurity ,
Department of Justice (DOJ) ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
Financial Institutions ,
FinTech ,
HUD ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Regulation ,
Settlement Agreements ,
Transparency
Regulatory Developments -
OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran -
On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more
6/16/2016
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Funds Protection ,
Cybersecurity ,
Department of Labor (DOL) ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Iran Sanctions ,
Offerings ,
Office of Foreign Assets Control (OFAC) ,
Preemption ,
Presidential Veto ,
Regulation A ,
Securities ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
DOL Issues Final Fiduciary Rule -
On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more
4/7/2016
/ Banking Sector ,
Broker-Dealer ,
Community Banks ,
Corporate Governance ,
Cybersecurity ,
Department of Labor (DOL) ,
FDIC ,
Fiduciary Duty ,
Final Rules ,
FinCEN ,
FSOC ,
Funding Portal ,
GE Capital Bank ,
Independent Directors ,
Innovation ,
Investment Adviser ,
Mary Jo White ,
OCC ,
Phishing Scams ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
SIFIs
Regulatory Developments -
FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights -
The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more
2/5/2016
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Cybersecurity ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
Export Administration Regulations (EAR) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Stress Tests